Client Type

Multi-family Residential/Student Housing

Accounting Software

Yardi (Genesis and Voyager), Appfolio, MRI

Accounting System

Accrual Based Accounting with PO based AP System. AP processed at site level with utilities being processed at OHI end. The same process with some minor changes would be valid if AP is also processed at OHI end. Move-Ins and Move-outs handled from site end.

Technology

Brief Description of Key Activities:

AP Closing

All invoices with open Approved POs are processed by AP Cut-off date. Site typically closes any unused unnecessary POs. Any stuck invoices are also cleared out by the cut-off date to avoid accounting accruals. Accounting completes processing of utilities by AP cut-off date. Post AP cut-off date, all new invoices/utilities are posted under next period.

AR Closing

Site completes Move-Ins and Move-Outs by AR closing date. Accounting then closes AR, runs the rent and posts the GPR (Gross Potential Rent) and other income entries via the software. Income related reclassifications for prepaid rent, vacancy, bad debts, credit loss etc. are done. Any open AR tenant balances may be written off unless expected to be collected by site.

Expense Accruals

Utility accruals for any missing/unreceived utilities, accruals of open POs and accruals for real estate taxes, mortgage, and insurance are done. Accrual schedules are maintained to ensure historic unused accruals are either carried over or reversed.